In our “2020 Geopolitical Outlook,” we named the 2020 U.S. election as a key event. Our recent five-part Weekly Geopolitical Report series, which concludes this week, examines this issue in more detail. This is the first of three podcast episodes that will look at the 2020 election. In this episode, Chief Market Strategist Bill O'Grady discusses the concept of public goods, who benefits from them and who pays, the concept of the identity/class nexus, the fluidity of political party affiliation, and the risks to fixed investment that come from the inability to build a political consensus.